In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is on course to record a strong gain. At the time of writing the benchmark index is up 0.6% to 6,168 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The Afterpay Ltd (ASX: APT) share price is up a sizeable 7% to $88.70. Investors have been buying the payments company’s shares after it was the subject of a positive broker note out of Morgan Stanley. According to the note, the broker has retained its overweight rating and lifted the price target on its shares to $106.00 following its expansion into mainland Europe. It also adjusted its estimates higher to reflect stronger than expected app downloads in the United States and better credit quality management.
The Bingo Industries Ltd (ASX: BIN) share price has jumped 14% higher to $2.46 following its full year results release. The waste management company overcame challenging trading conditions to deliver a 21% increase in revenue to $486.7 million and a 40.8% lift in underlying EBITDA to $152.1 million. A full year contribution from its recently acquired Dial a Dump business played a key role in its growth in FY 2020.
The Scentre Group (ASX: SCG) share price is up 4% to $2.10. Investors have been buying the shopping centre operator’s shares despite it posting a $3.6 billion statutory loss for the first half. This result includes an unrealised non-cash reduction in property valuations of ~$4.1 billion. Investors appear to have been expecting even worse from the Westfield shopping centre operator.
The Westpac Banking Corp (ASX: WBC) share price has stormed 4.5% higher to $17.88. All of the big four banks are storming higher on Tuesday. This is possibly due to hopes about a coronavirus treatment which helped drive European and U.S. markets higher overnight. The Trump administration is believed to be considering fast-tracking an experimental vaccine from the UK.
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More reading
- Why the Xero share price can crack $100 per share in 2020
- 3 ASX shares that could give investors a stock split in 2020
- What are dividend shares and how do you find them?
- ASX 200 rises 0.3%, Afterpay up on European plans
- Is this ASX 200 market too greedy right now?
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